Best Life Insurance Companies in Charleston

FAQs

• How can you find life insurance policies in Charleston?

  You can find life insurance policies in Charleston through the South Carolina Department of Insurance. The agency helps insurance carriers and consumers obtain fair and equitable services through enforcing and implementing the state's insurance laws. You can reach them by sending an email at info@doi.sc.gov or visiting the office at 1201 Main St., Suite 1000, Columbia.

• What are the things you must do before purchasing life insurance in Charleston?

  Before purchasing life insurance in Charleston, you have to assess your insurance needs and read the policy carefully. You must also determine how much coverage you need and make sure that you can pay for the insurance premiums. In addition, you should shop from different carriers to get the best and lowest life insurance policies.

• If your family member in Charleston recently died and you want to know whether they have life insurance, what should you do?

  You may contact the National Association of Insurance Commissioners to determine whether your deceased family member has life insurance. The agency offers free services to help individuals and families search for a deceased person's lost life insurance in Charleston. You may also access the NAIC Life Insurance Policy Locator on their website.

• What variables may affect your life insurance premiums in Charleston?

  The amount of your life insurance premiums in Charleston depends on the amount of debt and the number of children you might have. Your marital status is another factor that may affect your premiums. For married people, insurers assess your and your spouse's future earnings potential, as well as both of your ages.

• Does South Carolina offer additional life insurance coverage for Medical University Hospital Authority care team members in Charleston?

  South Carolina offers additional life insurance coverage for Medical University Hospital Authority care team members in Charleston, including education, daycare, felonious assault, seat belt or airbag riders for automobile accidental death, and accidental death and dismemberment benefits. Without providing medical evidence of good health, care team members can apply for term life insurance within 31 days after their hiring date.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.

• How does life insurance work?

  The details of how life insurance works depend on your individual plan, but the basics are as follows: 

  • You pay a premium to purchase the insurance. Typically the premium is paid monthly, but it could be rolled into quarterly, bi-annual, or annual payments. 
  • As long as you are meeting or have met premium obligations, if you pass away, the insurance company makes the agreed-upon payment to the beneficiaries you designated. 
  • Beneficiaries usually have to provide the insurance company with a death certificate to receive their payments.

• How much is life insurance?

  The cost of life insurance ranges widely. Term life insurance can cost as little as a few dollars a day, and whole life insurance can cost thousands per month on the high end. Factors that impact the cost of your life insurance include whether you're choosing term life insurance or whole life insurance, your age, how much coverage you want, your overall health, and your gender.

• Is life insurance taxable?

  Life insurance proceeds are the funds paid via your plan to your beneficiaries if you pass away. These are also called death benefits. Typically, these are not considered income for taxes. If you take out cash value from a whole life insurance investment and the amount exceeds how much you paid in premiums, the difference may be considered taxable income.

  
  

• Can I buy health insurance that is not Obamacare?

  When people say "Obamacare insurance," they typically mean insurance within the health insurance marketplace. You can get health insurance outside of the marketplace by going through your employer, choosing COBRA coverage if you leave your job, or buying a short-term health insurance policy through an insurance agent. ACA-compliant plans meet all the benefits and coverage requirements of the Affordable Care Act. But you may be able to find supplemental or short-term coverage that simply provides peace of mind for major medical expenses.

• Can I buy health insurance anytime?

  To buy health insurance in the marketplace, you must purchase it within open or special enrollment periods. But you can purchase short-term coverage to bridge the gap between now and the next open enrollment period. These plans are meant to be used for less than a year. You can purchase them online or via insurance agents, but they may not be ACA-compliant.

• Who should buy supplemental health insurance?

  Supplemental health insurance is a product that helps cover the cost of services that your primary health insurance policy doesn't. One popular option is secondary insurance that helps cover some of the costs associated with high deductibles. Medicare supplemental insurance is also popular. Medicare doesn't cover everything, and older adults on a limited income can face large prescription or medical bills after Medicare pays. Supplemental insurance helps reduce those patient costs.